$70 billion worth of gold trading was traded in Dubai in 2012, marking the highest record in gold trading then any metal exchanged or stored in Dubai.
Dubai Multi Commodities Centre (DMCC) executive chairman Ahmed Bin Sulayem disclosed the figures at the Dubai Precious Metals Conference 2013 and said Dubai has risen as a major gold trading destination, the figure for 2012 is estimated to be at least 25% higher according to him.
“By building financial and physical infrastructure and developing the right regulation in line with international standards, DMCC has established Dubai as a major bullion centre and a global gateway for commodities trade.” DMCC executive chairman Ahmed Bin Sulayem addressed the conference.
Reports claim that the Dubai Gold and Commodities Exchange (DGCX), which is part of the DMCC, has said to reveal plans to launch the UAE’s first ever spot gold contracts, which will allow investors and traders in the country to buy and sell physical gold on a domestic exchange.
Dubai Multi Commodities Centre (DMCC) executive chairman Ahmed Bin Sulayem also revealed plans to develop the city’s local and regional banks into bullion banks, in order to address the needs of consumers in India and suppliers in Africa.
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